- 称呼
- Call
-
期权赋予持有者在特定时期内以固定价格从另一方购买标的资产的权利。
-
An option that gives the holder the right to buy an underlying asset from another
party at a fixed price over a specific period of time.
- 呼叫市场
- Call market
-
交易只在特定时间和地点进行的市场(即,当市场被叫开市时)。
-
A market in which trades occur only at a particular time and place (i.e., when the
market is called).
- 隔夜拆借利率
- Call money rate
-
买家为融资贷款支付的利率。
-
The interest rate that buyers pay for their margin loan.
- 看涨期权
- Call option
-
期权赋予持有者在特定时期内以固定价格从另一方购买标的资产的权利。
-
An option that gives the holder the right to buy an underlying asset from another
party at a fixed price over a specific period of time.
- 通话保护
- Call protection
-
债券发行人不得行使赎回权的期限。
-
The time during which the issuer of the bond is not allowed to exercise the call option.
- 可赎回债券
- Callable bond
-
包含嵌入式赎回期权的债券,该期权赋予发行人按预定价格在预定日期从投资者手中回购债券的权利。
-
A bond containing an embedded call option that gives the issuer the right to buy the
bond back from the investor at specified prices on pre-determined dates.
- 蜡烛图
- Candlestick chart
-
价格图表包含四个时间段的数据点。每根蜡烛图分别代表该时间段的开盘价和收盘价。如果开盘价高于收盘价,则蜡烛图的实体部分为阴影;如果开盘价低于收盘价,则实体部分为透明。蜡烛图的上下两端分别延伸出垂直的影线,即烛芯或影线,分别代表该时间段的最高价和最低价。
-
A price chart with four bits of data for each time interval. A candle indicates the
opening and closing price for the interval. The body of the candle is shaded if the
opening price was higher than the closing price, and the body is clear if the opening
price was lower than the closing price. Vertical lines known as wicks or shadows extend
from the top and bottom of the candle to indicate the high and the low prices for
the interval.
- 食人行为
- Cannibalization
-
当一项投资从公司的其他部门抢走客户和销售额时,就会发生蚕食效应。
-
Cannibalization occurs when an investment takes customers and sales away from another
part of the company.
- 容量
- Capacity
-
借款人按时偿还债务的能力。
-
The ability of the borrower to make its debt payments on time.
- 资本账户
- Capital account
-
国际收支账户中衡量资本转移的组成部分。
-
A component of the balance of payments account that measures transfers of capital.
- 资本配置线
- Capital allocation line
-
(CAL)描述投资者通过将风险资产的最佳投资组合与无风险资产相结合而可获得的预期收益和收益标准差组合的图表线。
-
(CAL) A graph line that describes the combinations of expected return and standard
deviation of return available to an investor from combining the optimal portfolio
of risky assets with the risk-free asset.
- 资本资产定价模型
- Capital asset pricing model
-
(CAPM)描述任何资产(或投资组合)的预期收益与其相对于市场组合的β值的线性函数的方程。
-
(CAPM) An equation describing the expected return on any asset (or portfolio) as a
linear function of its beta relative to the market portfolio.
- 资本预算
- Capital budgeting
-
公司在进行资本项目决策时所采用的流程——即那些寿命为一年或一年以上的项目。
-
The process that companies use for decision making on capital projects—those projects
with a life of one year or more.
- 资本消耗补贴
- Capital consumption allowance
-
衡量商品和服务生产过程中资本存量损耗(折旧)的指标。
-
A measure of the wear and tear (depreciation) of the capital stock that occurs in
the production of goods and services.
- 资本深化投资
- Capital deepening investment
-
增加资本相对于劳动的存量。
-
Increases the stock of capital relative to labor.
- 资本支出
- Capital expenditure
-
实物资本(固定资产)支出。
-
Expenditure on physical capital (fixed assets).
- 资本租赁
- Capital lease
-
参见融资租赁。
-
See finance lease.
- 资本市场预期
- Capital market expectations
-
投资者对各类资产的风险和回报前景的预期。
-
An investor’s expectations concerning the risk and return prospects of asset classes.
- 资本市场线
- Capital market line
-
(CML)与风险资产有效边界相切的直线,其截距点等于无风险利率;当存在无风险资产可供投资时,该直线代表有效边界。
-
(CML) The line with an intercept point equal to the risk-free rate that is tangent
to the efficient frontier of risky assets; represents the efficient frontier when
a risk-free asset is available for investment.
- 资本市场证券
- Capital market securities
-
发行时到期日超过一年的证券。
-
Securities with maturities at issuance longer than one year.
- 资本市场
- Capital markets
-
交易期限较长的证券(例如债券和股票)的金融市场。
-
Financial markets that trade securities of longer duration, such as bonds and equities.
- 资本配给
- Capital rationing
-
资本配给环境下,公司可用于投资的资金数量是固定的。
-
A capital rationing environment assumes that the company has a fixed amount of funds
to invest.
- 资本限制
- Capital restrictions
-
对外国人拥有国内资产和/或国内居民拥有国外资产的能力进行管制。
-
Controls placed on foreigners’ ability to own domestic assets and/or domestic residents’
ability to own foreign assets.
- 股本
- Capital stock
-
用于生产商品和服务的建筑物、机器和设备的累计数量。
-
The accumulated amount of buildings, machinery, and equipment used to produce goods
and services.
- 资本结构
- Capital structure
-
公司用于为其业务融资的债务和股权组合;公司长期融资的具体组合。
-
The mix of debt and equity that a company uses to finance its business; a company’s
specific mixture of long-term financing.
- 专属融资子公司
- Captive finance subsidiary
-
一家公司的全资子公司,其成立目的是为母公司的销售提供融资。
-
A wholly-owned subsidiary of a company that is established to provide financing of
the sales of the parent company.
- 携带
- Carry
-
持有、储存或“携带”资产的成本和收益的净值。
-
The net of the costs and benefits of holding, storing, or “carrying” an asset.
- 账面价值
- Carrying amount
-
根据会计原则对资产或负债进行估值的金额。
-
The amount at which an asset or liability is valued according to accounting principles.
- 账面价值
- Carrying value
-
资产负债表上显示的资产或负债的净额;账面价值也可能指公司总资产超过总负债的部分。对于债券而言,账面价值是指购买价格加上(或减去)折价(或溢价)的摊销金额。
-
The net amount shown for an asset or liability on the balance sheet; book value may
also refer to the company’s excess of total assets over total liabilities. For a bond,
the purchase price plus (or minus) the amortized amount of the discount (or premium).
- 卡特尔
- Cartel
-
参与公开、正式达成的串谋协议的人员。
-
Participants in collusive agreements that are made openly and formally.
- 现金抵押账户
- Cash collateral account
-
一种外部信用增级形式,发行人立即借入信用增级金额,然后将该金额投资,通常投资于评级较高的短期商业票据。
-
Form of external credit enhancement whereby the issuer immediately borrows the credit-enhancement
amount and then invests that amount, usually in highly rated short-term commercial
paper.
- 现金周转周期
- Cash conversion cycle
-
净营业周期是衡量公司将运营投入的现金转化为运营所得现金所需时间的财务指标;等于存货周转天数 + 应收账款周转天数 - 应付账款周转天数。也称为净营业周期。
-
A financial metric that measures the length of time required for a company to convert
cash invested in its operations to cash received as a result of its operations; equal
to days of inventory on hand + days of sales outstanding – number of days of payables.
Also called net operating cycle.
- 现金流可加性原则
- Cash flow additivity principle
-
同一时间点进行指数化调整的美元金额具有可加性原则。
-
The principle that dollar amounts indexed at the same point in time are additive.
- 经营活动产生的现金流量
- Cash flow from operating activities
-
经营活动产生的现金流量净额。
-
The net amount of cash provided from operating activities.
- 经营活动现金流
- Cash flow from operations
-
经营活动产生的现金流量净额。
-
The net amount of cash provided from operating activities.
- 现金流收益率
- Cash flow yield
-
一系列现金流的内部收益率。
-
The internal rate of return on a series of cash flows.
- 现货市场证券
- Cash market securities
-
货币市场证券以“当日结算”或“现金结算”的方式进行结算。
-
Money market securities settled on a “same day” or “cash settlement” basis.
- 现金市场
- Cash markets
-
参见现货市场。
-
See spot markets.
- 现金价格
- Cash prices
-
查看现货价格。
-
See spot prices.
- 现金结算远期合约
- Cash-settled forwards
-
请参阅无法投递的转发邮件。
-
See non-deliverable forwards.
- 芝加哥期权交易所波动率指数
- CBOE Volatility Index
-
衡量标普500股票指数期权价格所反映的近期市场波动性的指标。
-
A measure of near-term market volatility as conveyed by S&P 500 stock index option
prices.
- 中央银行基金市场
- Central bank funds market
-
存款银行在其所在国家中央银行拥有超额准备金的情况下,可以将资金贷给需要资金的银行,贷款期限从隔夜到一年不等。在美国,这被称为联邦基金市场。
-
The market in which deposit-taking banks that have an excess reserve with their national
central bank can loan money to banks that need funds for maturities ranging from overnight
to one year. Called the Federal or Fed funds market in the United States.
- 中央银行基金利率
- Central bank funds rates
-
中央银行买卖(借入)资金的利率,期限从隔夜到一年不等。在美国被称为联邦基金利率。
-
Interest rates at which central bank funds are bought (borrowed) and sold (lent) for
maturities ranging from overnight to one year. Called Federal or Fed funds rates in
the United States.
- 中央银行
- Central banks
-
一个国家的主要银行,通常具有官方或半官方的政府地位。
-
The dominant bank in a country, usually with official or semi-official governmental
status.
- 定期存单
- Certificate of deposit
-
定期存单(CD)是一种代表特定金额资金存入银行、约定期限和利率的金融工具。定期存单有多种面额,可以是可流通的,也可以是不可流通的。
-
An instrument that represents a specified amount of funds on deposit with a bank for
a specified maturity and interest rate. CDs are issued in various denominations and
can be negotiable or non-negotiable.
- 极性变化原理
- Change in polarity principle
-
技术分析的一个基本原则是:支撑位一旦被突破,就会变成阻力位;反之亦然,阻力位一旦被突破,就会变成支撑位。
-
A tenet of technical analysis that once a support level is breached, it becomes a
resistance level. The same holds true for resistance levels; once breached, they become
support levels.
- 控制权变更
- Change of control put
-
一项契约赋予债券持有人权利,要求发行人在借款人被收购时回购其债务,通常是按面值或略高于面值的价格回购。
-
A covenant giving bondholders the right to require the issuer to buy back their debt,
often at par or at some small premium to par value, in the event that the borrower
is acquired.
- 特点
- Character
-
债务发行人的管理质量。
-
The quality of a debt issuer’s management.
- 分类资产负债表
- Classified balance sheet
-
资产负债表的组织方式是将各种资产和负债归类到子类别中(例如,流动资产和非流动资产)。
-
A balance sheet organized so as to group together the various assets and liabilities
into subcategories (e.g., current and noncurrent).
- 追回
- Clawback
-
要求普通合伙人退还作为激励费用分配的所有资金,直到有限合伙人收回其初始投资并获得一定比例的总利润为止。
-
A requirement that the general partner return any funds distributed as incentive fees
until the limited partners have received back their initial investment and a percentage
of the total profit.
- 清理
- Clearing
-
交易所验证交易执行情况并记录参与者身份的过程。
-
The process by which the exchange verifies the execution of a transaction and records
the participants’ identities.
- 清除指令
- Clearing instructions
-
指示如何安排交易的最终结算(“清算”)。
-
Instructions that indicate how to arrange the final settlement (“clearing”) of a trade.
- 清算所
- Clearinghouse
-
与期货市场相关的实体,充当合约双方之间的中间人,并向每一方保证另一方的履约。
-
An entity associated with a futures market that acts as middleman between the contracting
parties and guarantees to each party the performance of the other.
- 封闭经济
- Closed economy
-
不与其他国家进行贸易的经济体;自给自足的经济体。
-
An economy that does not trade with other countries; an autarkic economy.
- 封闭式基金
- Closed-end fund
-
一种不接受新投资的共同基金。新投资者通过购买现有份额进行投资,而基金投资者则通过将份额出售给其他投资者来清算资金。
-
A mutual fund in which no new investment money is accepted. New investors invest by
buying existing shares, and investors in the fund liquidate by selling their shares
to other investors.
- 道德准则
- Code of ethics
-
一套既定的准则,用于传达组织的价值观以及对成员行为的总体期望。道德准则为社区成员的行为提供了总体指导。
-
An established guide that communicates an organization’s values and overall expectations
regarding member behavior. A code of ethics serves as a general guide for how community
members should act.
- 变异系数
- Coefficient of variation
-
(CV)一组观测值的标准差与观测值的平均值之比。
-
(CV) The ratio of a set of observations’ standard deviation to the observations’ mean
value.
- 同步经济指标
- Coincident economic indicators
-
这些转折点通常与整体经济的转折点接近;人们认为它们对于识别经济的现状具有价值。
-
Turning points that are usually close to those of the overall economy; they are believed
to have value for identifying the economy’s present state.
- 抵押品管理人
- Collateral manager
-
通过买卖 CDO 资产组合(即抵押品)中的债务,产生足够的现金流来履行对 CDO 债券持有人的义务。
-
Buys and sells debt obligations for and from the CDO’s portfolio of assets (i.e.,
the collateral) to generate sufficient cash flows to meet the obligations to the CDO
bondholders.
- 抵押信托债券
- Collateral trust bonds
-
以普通股、其他债券或其他金融资产等证券作担保的债券。
-
Bonds secured by securities such as common shares, other bonds, or other financial
assets.
- 担保债券
- Collateralized bond obligations
-
一种以债券池作抵押的结构化资产支持证券。
-
A structured asset-backed security that is collateralized by a pool of bonds.
- 担保债务凭证
- Collateralized debt obligation
-
用于描述由一个或多个债务资产组成的多元化资产池所支持的证券的通用术语。
-
Generic term used to describe a security backed by a diversified pool of one or more
debt obligations.
- 担保贷款义务
- Collateralized loan obligations
-
一种以贷款池作为抵押的结构性资产支持证券。
-
A structured asset-backed security that is collateralized by a pool of loans.
- 担保抵押贷款义务
- Collateralized mortgage obligation
-
通过将抵押贷款相关产品池(抵押贷款过手证券或贷款池)证券化而创建的证券。
-
A security created through the securitization of a pool of mortgage-related products
(mortgage pass-through securities or pools of loans).
- 抵押品
- Collaterals
-
债务义务所依据的资产或财务担保,超出发行人承诺的偿付能力。
-
Assets or financial guarantees underlying a debt obligation that are above and beyond
the issuer’s promise to pay.
- 组合
- Combination
-
列表中的物品顺序无关紧要。
-
A listing in which the order of the listed items does not matter.
- 商业票据
- Commercial paper
-
一种短期、可转让、无担保的本票,代表发行人的债务义务。
-
A short-term, negotiable, unsecured promissory note that represents a debt obligation
of the issuer.
- 已承诺资本
- Committed capital
-
有限合伙人同意向私募股权基金提供的金额。
-
The amount that the limited partners have agreed to provide to the private equity
fund.
- 已承诺的信贷额度
- Committed lines of credit
-
银行承诺提供最高可达预先指定金额的信贷;该承诺被视为短期负债,通常有效期为 364 天(比一年少一天)。
-
A bank commitment to extend credit up to a pre-specified amount; the commitment is
considered a short-term liability and is usually in effect for 364 days (one day short
of a full year).
- 商品互换
- Commodity swap
-
以石油、黄金或农产品等商品为标的物的互换合约。
-
A swap in which the underlying is a commodity such as oil, gold, or an agricultural
product.
- 共同市场
- Common market
-
经济一体化程度涵盖了关税同盟的所有方面,并通过允许成员之间生产要素的自由流动来扩展关税同盟的范围。
-
Level of economic integration that incorporates all aspects of the customs union and
extends it by allowing free movement of factors of production among members.
- 普通股
- Common shares
-
一种代表公司所有权权益的证券。
-
A type of security that represent an ownership interest in a company.
- 通用尺寸分析
- Common-size analysis
-
使用共同分母或参考项目重述财务报表项目,以便识别趋势和主要差异;例如,损益表中所有项目均以收入百分比表示。
-
The restatement of financial statement items using a common denominator or reference
item that allows one to identify trends and major differences; an example is an income
statement in which all items are expressed as a percent of revenue.
- 普通股
- Common stock
-
参见普通股。
-
See common shares.
- 公司分析
- Company analysis
-
对个别公司进行分析。
-
Analysis of an individual company.
- 同类公司
- Comparable company
-
具有类似业务风险的公司;通常属于同一行业,最好是只有单一业务线的公司。
-
A company that has similar business risk; usually in the same industry and preferably
with a single line of business.
- 比较优势
- Comparative advantage
-
一个国家以比其贸易伙伴更低的相对成本(或机会成本)生产某种商品或服务的能力。
-
A country’s ability to produce a good or service at a lower relative cost, or opportunity
cost, than its trading partner.
- 竞争战略
- Competitive strategy
-
公司应对外部环境带来的威胁和机遇的计划。
-
A company’s plans for responding to the threats and opportunities presented by the
external environment.
- 互补
- Complements
-
倾向于一起使用的商品;严格来说,是指需求交叉价格弹性为负的两种商品。
-
Goods that tend to be used together; technically, two goods whose cross-price elasticity
of demand is negative.
- 完整的市场
- Complete markets
-
非正式地说,市场中交易的证券种类繁多,以至于在未来的任何情况下都能实现任何期望的回报。
-
Informally, markets in which the variety of distinct securities traded is so broad
that any desired payoff in a future state-of-the-world is achievable.
- 资本组成成本
- Component cost of capital
-
资本提供者对公司特定融资来源(如债务或股权)所要求的收益率。
-
The rate of return required by suppliers of capital for an individual source of a
company’s funding, such as debt or equity.
- 复利
- Compounding
-
利息的累积过程。
-
The process of accumulating interest on interest.
- 综合收益
- Comprehensive income
-
综合收益是指企业在一定时期内,非所有者权益的变动;包括除所有者投资和向所有者分配所得以外的所有权益变动;综合收益等于净收益加上其他综合收益。
-
The change in equity of a business enterprise during a period from nonowner sources;
includes all changes in equity during a period except those resulting from investments
by owners and distributions to owners; comprehensive income equals net income plus
other comprehensive income.
- 条件期望值
- Conditional expected value
-
在已知某一事件发生的情况下,某一事件的期望值。
-
The expected value of a stated event given that another event has occurred.
- 条件概率
- Conditional probability
-
在给定(条件)另一个事件发生的情况下,某个事件发生的概率。
-
The probability of an event given (conditioned on) another event.
- 条件方差
- Conditional variances
-
已知一个变量的结果,另一个变量的方差。
-
The variance of one variable, given the outcome of another.
- 持续的
- Consistent
-
就估计量而言,它描述了这样一种估计量:随着样本量的增加,估计值接近总体参数值的概率也会增加。
-
With reference to estimators, describes an estimator for which the probability of
estimates close to the value of the population parameter increases as sample size
increases.
- 固定收益率价格轨迹
- Constant-yield price trajectory
-
该图展示了固定收益债券价格随时间的变化,假设到期收益率不变。图中曲线显示了溢价或折价交易的债券价格受到的“拉回平价”效应。
-
A graph that illustrates the change in the price of a fixed-income bond over time
assuming no change in yield-to-maturity. The trajectory shows the “pull to par” effect
on the price of a bond trading at a premium or a discount to par value.
- 成分证券
- Constituent securities
-
就指数而言,指的是指数中包含的各个证券。
-
With respect to an index, the individual securities within an index.
- 消费者剩余
- Consumer surplus
-
消费者对所购商品的价值判断与支付这些商品所需金额之间的差额。
-
The difference between the value that a consumer places on units purchased and the
amount of money that was required to pay for them.
- 应急准备
- Contingency provision
-
法律文件中允许在特定事件或情况发生时采取某些行动的条款。
-
Clause in a legal document that allows for some action if a specific event or circumstance
occurs.
- 或有索赔
- Contingent claims
-
衍生品,其收益取决于特定事件的发生;通常称为期权。
-
Derivatives in which the payoffs occur if a specific event occurs; generally referred
to as options.
- 或有可转换债券
- Contingent convertible bonds
-
当特定事件或情况发生时,例如发行人的股本低于监管机构设定的最低要求,债券会自动转换为股权。也称为可转换债券(CoCo)。
-
Bonds that automatically convert into equity if a specific event or circumstance occurs,
such as the issuer’s equity capital falling below the minimum requirement set by the
regulators. Also called CoCos.
- 延续模式
- Continuation patterns
-
技术分析中用于预测形态形成之前已存在的市场趋势是否会恢复的一种形态。
-
A type of pattern used in technical analysis to predict the resumption of a market
trend that was in place prior to the formation of a pattern.
- 连续随机变量
- Continuous random variable
-
随机变量,其可能结果的范围是实数轴(−∞ 到 +∞ 之间的所有实数或实数轴的某个子集)。
-
A random variable for which the range of possible outcomes is the real line (all real
numbers between −∞ and +∞ or some subset of the real line).
- 连续时间
- Continuous time
-
时间被认为是以极其微小的增量推进的。
-
Time thought of as advancing in extremely small increments.
- 持续交易市场
- Continuous trading market
-
一个可以在市场开放期间随时安排和执行交易的市场。
-
A market in which trades can be arranged and executed any time the market is open.
- 连续复利收益
- Continuously compounded return
-
1 加上持有期收益率的自然对数,或者等价地,期末价格与期初价格的自然对数。
-
The natural logarithm of 1 plus the holding period return, or equivalently, the natural
logarithm of the ending price over the beginning price.
- 反向账户
- Contra account
-
用于抵消另一个账户的账户。
-
An account that offsets another account.
- 合同利率
- Contract rate
-
查看抵押贷款利率。
-
See mortgage rate.
- 收缩
- Contraction
-
商业周期中从峰值到谷底的时期;通常被称为衰退期,如果特别严重,则被称为萧条期。
-
The period of a business cycle after the peak and before the trough; often called
a recession or, if exceptionally severe, called a depression.
- 收缩风险
- Contraction risk
-
当利率下降时,由于借款人以新的、较低的利率进行再融资,证券的到期日可能会比购买时预期的要短,这存在风险。
-
The risk that when interest rates decline, the security will have a shorter maturity
than was anticipated at the time of purchase because borrowers refinance at the new,
lower interest rates.
- 收缩
- Contractionary
-
有可能导致实体经济萎缩。
-
Tending to cause the real economy to contract.
- 紧缩性财政政策
- Contractionary fiscal policy
-
旨在使实体经济萎缩的财政政策。
-
A fiscal policy that has the objective to make the real economy contract.
- 差价合约
- Contracts for differences
-
请参阅无法投递的转发邮件。
-
See non-deliverable forwards.
- 贡献毛利
- Contribution margin
-
扣除变动成本后可用于固定成本和利润的金额;收入减去变动成本。
-
The amount available for fixed costs and profit after paying variable costs; revenue
minus variable costs.
- 控股股东
- Controlling shareholders
-
持有大量股份、拥有重大投票权的特定股东或股东集团。
-
A particular shareholder or block of shareholders holding a percentage of shares that
gives them significant voting power.
- 便利产量
- Convenience yield
-
持有资产的非货币优势。
-
A non-monetary advantage of holding an asset.
- 传统债券
- Conventional bond
-
参见普通香草债券。
-
See plain vanilla bond.
- 传统现金流
- Conventional cash flow
-
传统的现金流模式是先出现一笔现金流出,然后是一系列现金流入。
-
A conventional cash flow pattern is one with an initial outflow followed by a series
of inflows.
- 收敛
- Convergence
-
各国人均产出差异随时间推移而缩小的趋势;在技术分析中,该术语用来描述指标与被分析证券的走势一致的情况。
-
The tendency for differences in output per capita across countries to diminish over
time; in technical analysis, a term that describes the case when an indicator moves
in the same manner as the security being analyzed.
- 转换价格
- Conversion price
-
对于可转换债券,是指债券可以转换为股票的每股价格。
-
For a convertible bond, the price per share at which the bond can be converted into
shares.
- 转化率
- Conversion ratio
-
对于可转换债券,每张债券可以转换成的普通股数量。
-
For a convertible bond, the number of common shares that each bond can be converted
into.
- 转换值
- Conversion value
-
对于可转换债券,当前股价乘以转换比率。
-
For a convertible bond, the current share price multiplied by the conversion ratio.
- 可转换债券
- Convertible bond
-
赋予债券持有人权利,使其可以将债券兑换成发行公司特定数量的普通股的债券。
-
Bond that gives the bondholder the right to exchange the bond for a specified number
of common shares in the issuing company.
- 可转换优先股
- Convertible preference shares
-
一种股权证券,赋予股东将其持有的股份转换为特定数量普通股的权利。
-
A type of equity security that entitles shareholders to convert their shares into
a specified number of common shares.
- 凸性调整
- Convexity adjustment
-
对于债券而言,年度或近似凸性统计量的一半乘以到期收益率变化的平方。
-
For a bond, one half of the annual or approximate convexity statistic multiplied by
the change in the yield-to-maturity squared.
- 核心通胀
- Core inflation
-
通货膨胀率是根据除食品和能源以外的商品和服务价格指数计算得出的。
-
The inflation rate calculated based on a price index of goods and services except
food and energy.
- 公司治理
- Corporate governance
-
公司内部管理所依据的内部控制和程序体系。
-
The system of internal controls and procedures by which individual companies are managed.
- 相关性
- Correlation
-
介于 -1 和 +1 之间的数值,用于衡量两个随机变量之间的协同运动(线性关联)。
-
A number between −1 and +1 that measures the comovement (linear association) between
two random variables.
- 相关系数
- Correlation coefficient
-
介于 -1 和 +1 之间的数值,用于衡量两项投资走势相似的程度或趋势。它用于确定两种资产组合对投资组合风险的影响。
-
A number between −1 and +1 that measures the consistency or tendency for two investments
to act in a similar way. It is used to determine the effect on portfolio risk when
two assets are combined.
- 成本平均法
- Cost averaging
-
定期投资固定金额。
-
The periodic investment of a fixed amount of money.
- 资本成本
- Cost of capital
-
资本提供者要求的回报率,作为其出资的补偿。
-
The rate of return that suppliers of capital require as compensation for their contribution
of capital.
- 持有成本
- Cost of carry
-
参见carry。
-
See carry.
- 债务成本
- Cost of debt
-
公司债务融资的成本,例如发行债券或向银行贷款的成本。
-
The cost of debt financing to a company, such as when it issues a bond or takes out
a bank loan.
- 优先股成本
- Cost of preferred stock
-
公司发行优先股的成本;公司必须承诺向优先股股东支付的股息收益率。
-
The cost to a company of issuing preferred stock; the dividend yield that a company
must commit to pay preferred stockholders.
- 成本推动型
- Cost-push
-
通货膨胀的一种类型,指成本(通常是工资)上涨迫使企业普遍提高价格。
-
Type of inflation in which rising costs, usually wages, compel businesses to raise
prices generally.
- 成本结构
- Cost structure
-
公司可变成本和固定成本的组合。
-
The mix of a company’s variable costs and fixed costs.
- 交易对手风险
- Counterparty risk
-
合同另一方不履行合同条款的风险。
-
The risk that the other party to a contract will fail to honor the terms of the contract.
- 票面利率
- Coupon rate
-
合同中承诺的利率;这是用于计算定期利息支付的利率。
-
The interest rate promised in a contract; this is the rate used to calculate the periodic
interest payments.
- 古诺假设
- Cournot assumption
-
假设每家公司在确定其利润最大化生产水平时,假定其他公司的产量不会改变。
-
Assumption in which each firm determines its profit-maximizing production level assuming
that the other firms’ output will not change.
- 协方差
- Covariance
-
衡量两个随机变量之间协同运动(线性关联)的指标。
-
A measure of the co-movement (linear association) between two random variables.
- 协方差矩阵
- Covariance matrix
-
矩阵或方阵,其元素为协方差;也称为方差-协方差矩阵。
-
A matrix or square array whose entries are covariances; also known as a variance–covariance
matrix.
- 圣约
- Covenants
-
贷款协议的条款和条件是发行人必须遵守的;它们规定了发行人有义务履行的行为(肯定性契约)或被禁止履行的行为(否定性契约)。
-
The terms and conditions of lending agreements that the issuer must comply with; they
specify the actions that an issuer is obligated to perform (affirmative covenant)
or prohibited from performing (negative covenant).
- 担保债券
- Covered bond
-
以独立资产池(称为担保池)作为担保的债务。发行人必须维持担保池的价值。发生违约时,债券持有人可同时向发行人和担保池追偿。
-
Debt obligation secured by a segregated pool of assets called the cover pool. The
issuer must maintain the value of the cover pool. In the event of default, bondholders
have recourse against both the issuer and the cover pool.
- 信用分析
- Credit analysis
-
信用风险评估;对借款人或交易对手的信用状况进行评估。
-
The evaluation of credit risk; the evaluation of the creditworthiness of a borrower
or counterparty.
- 信用曲线
- Credit curve
-
一条曲线,显示发行人不同期限的可比债券的到期时间和收益率利差之间的关系,通常向上倾斜。
-
A curve showing the relationship between time to maturity and yield spread for an
issuer with comparable bonds of various maturities outstanding, usually upward sloping.
- 信用违约互换(CDS)
- Credit default swap (CDS)
-
一种信用衍生品,其中一方(信用保护买方)寻求针对第三方的信用保护,并定期向另一方(信用保护卖方)支付款项。卖方在信用事件发生前无需支付任何款项。
-
A type of credit derivative in which one party, the credit protection buyer who is
seeking credit protection against a third party, makes a series of regularly scheduled
payments to the other party, the credit protection seller. The seller makes no payments
until a credit event occurs.
- 信用衍生品
- Credit derivatives
-
合同中规定,在合同有效期内,如果发生特定的信用事件,一方有权向另一方索取款项。
-
A contract in which one party has the right to claim a payment from another party
in the event that a specific credit event occurs over the life of the contract.
- 信用增级
- Credit enhancements
-
可用于降低债券发行信用风险的条款。
-
Provisions that may be used to reduce the credit risk of a bond issue.
- 信用挂钩息票债券
- Credit-linked coupon bond
-
当债券信用评级发生变化时,票息也会发生变化的债券。
-
Bond for which the coupon changes when the bond’s credit rating changes.
- 信用挂钩票据(CLN)
- Credit-linked note (CLN)
-
固定收益证券,如果发生信用事件,证券持有人有权拒绝支付到期日应支付的全部金额。
-
Fixed-income security in which the holder of the security has the right to withhold
payment of the full amount due at maturity if a credit event occurs.
- 信用迁移风险
- Credit migration risk
-
债券发行人信用评级恶化或下降的风险,导致投资者认为违约风险更高。也称为评级下调风险。
-
The risk that a bond issuer’s creditworthiness deteriorates, or migrates lower, leading
investors to believe the risk of default is higher. Also called downgrade risk.
- 信用风险
- Credit risk
-
因交易对手或债务人未能履行承诺的付款义务而造成的损失风险。也称为违约风险。
-
The risk of loss caused by a counterparty’s or debtor’s failure to make a promised
payment. Also called default risk.
- 信用评分模型
- Credit scoring model
-
一种用于根据借款人的信用状况对其进行分类的统计模型。
-
A statistical model used to classify borrowers according to creditworthiness.
- 信用利差期权
- Credit spread option
-
债券收益率利差期权。
-
An option on the yield spread on a bond.
- 信用分层
- Credit tranching
-
一种用于重新分配与抵押品相关的信用风险的结构;一组债券类别,旨在让投资者选择他们愿意承担的信用风险金额。
-
A structure used to redistribute the credit risk associated with the collateral; a
set of bond classes created to allow investors a choice in the amount of credit risk
that they prefer to bear.
- 信用度
- Credit-worthiness
-
借款人按时偿还所欠款项的能力;它代表公司承受现金流不利影响的能力。
-
The perceived ability of the borrower to pay what is owed on the borrowing in a timely
manner; it represents the ability of a company to withstand adverse impacts on its
cash flows.
- 交叉违约条款
- Cross-default provisions
-
规定,如果某只债券未支付利息等违约事件发生,则所有未偿债务均会违约;这意味着所有债券的违约概率相同。
-
Provisions whereby events of default such as non-payment of interest on one bond trigger
default on all outstanding debt; implies the same default probability for all issues.
- 需求交叉价格弹性
- Cross-price elasticity of demand
-
当另一种商品的价格发生一定百分比的变化时,商品需求量的变化百分比;商品 A 的需求对商品 B 价格变化的反应程度。
-
The percentage change in quantity demanded for a given percentage change in the price
of another good; the responsiveness of the demand for Product A that is associated
with the change in price of Product B.
- 横断面分析
- Cross-sectional analysis
-
对一组个体在给定时间段或特定时间点之间的差异进行比较的分析。
-
Analysis that involves comparisons across individuals in a group over a given time
period or at a given point in time.
- 横截面数据
- Cross-sectional data
-
对某一时间点的单个单元进行观测,而不是对时间序列数据进行观测。
-
Observations over individual units at a point in time, as opposed to time-series data.
- 交叉网络
- Crossing networks
-
交易系统将愿意以从其他市场获得的价格进行交易的买家和卖家进行匹配。
-
Trading systems that match buyers and sellers who are willing to trade at prices obtained
from other markets.
- 挤出
- Crowding out
-
政府借贷可能会阻止私营部门投资的论点。
-
The thesis that government borrowing may divert private sector investment from taking
place.
- 加密货币
- Cryptocurrency
-
一种没有物理形态的电子交换媒介。
-
An electronic medium of exchange that lacks physical form.
- 密码学
- Cryptography
-
一种用于加密数据的算法过程,使得未经授权的第三方无法使用这些数据。
-
An algorithmic process to encrypt data, making the data unusable if received by unauthorized
parties.
- 累积分布函数
- Cumulative distribution function
-
表示随机变量小于或等于指定值的概率的函数。
-
A function giving the probability that a random variable is less than or equal to
a specified value.
- 累积优先股
- Cumulative preference shares
-
优先股是指任何未支付的股息都会累积,并且必须在支付普通股股息之前全额支付的优先股。
-
Preference shares for which any dividends that are not paid accrue and must be paid
in full before dividends on common shares can be paid.
- 累积相对频率
- Cumulative relative frequency
-
对于按区间分组的数据,小于指定区间上限值的观测值占总观测值的比例。
-
For data grouped into intervals, the fraction of total observations that are less
than the value of the upper limit of a stated interval.
- 累积投票
- Cumulative voting
-
一种投票程序,其中每个股东可以累积并投票支持选举中的一位候选人,而不是必须将投票权平均分配给所有候选人。
-
A voting process whereby each shareholder can accumulate and vote all his or her shares
for a single candidate in an election, as opposed to having to allocate their voting
rights evenly among all candidates.
- 货币
- Currencies
-
国家货币当局发行的货币。
-
Monies issued by national monetary authorities.
- 货币期权债券
- Currency option bonds
-
允许债券持有人选择以何种货币接收利息支付和本金偿还的债券。
-
Bonds that give the bondholder the right to choose the currency in which he or she
wants to receive interest payments and principal repayments.
- 货币互换
- Currency swap
-
一种互换交易,其中每一方以不同的货币向另一方支付利息。
-
A swap in which each party makes interest payments to the other in different currencies.
- 活期账户
- Current account
-
国际收支平衡表的一个组成部分,用于衡量商品和服务的流动。
-
A component of the balance of payments account that measures the flow of goods and
services.
- 流动资产
- Current assets
-
预计在不久的将来(通常为一年或更短时间内)将被消耗或变现的资产。也称为流动资产。
-
Assets that are expected to be consumed or converted into cash in the near future,
typically one year or less. Also called liquid assets.
- 当前成本
- Current cost
-
就资产而言,是指今天购买相同或等价资产所需支付的现金或现金等价物金额;就负债而言,是指今天清偿债务所需的未折现现金或现金等价物金额。
-
With reference to assets, the amount of cash or cash equivalents that would have to
be paid to buy the same or an equivalent asset today; with reference to liabilities,
the undiscounted amount of cash or cash equivalents that would be required to settle
the obligation today.
- 当前政府支出
- Current government spending
-
就政府支出而言,是指定期、经常性地提供商品和服务的支出,包括医疗、教育和国防。
-
With respect to government expenditures, spending on goods and services that are provided
on a regular, recurring basis including health, education, and defense.
- 流动负债
- Current liabilities
-
短期债务,例如应付账款、应付工资或应计负债,预计将在不久的将来(通常为一年或更短)结算。
-
Short-term obligations, such as accounts payable, wages payable, or accrued liabilities,
that are expected to be settled in the near future, typically one year or less.
- 流动比率
- Current ratio
-
流动比率的计算方法为流动资产除以流动负债。
-
A liquidity ratio calculated as current assets divided by current liabilities.
- 当前收益率
- Current yield
-
一年内收到的票息支付总额除以固定价格;也称为收益收益率或利息收益率或运行收益率。
-
The sum of the coupon payments received over the year divided by the flat price; also
called the income or interest yield or running yield.
- 曲线持续时间
- Curve duration
-
债券价格(或金融资产或负债的市场价值)对基准收益率曲线的敏感度。
-
The sensitivity of the bond price (or the market value of a financial asset or liability)
with respect to a benchmark yield curve.
- 关税同盟
- Customs union
-
通过不仅允许成员之间货物和服务的自由流动,而且还制定针对非成员的共同贸易政策,扩大了自由贸易区(FTA)。
-
Extends the free trade area (FTA) by not only allowing free movement of goods and
services among members, but also creating a common trade policy against nonmembers.
- 心血管风险
- CVaR
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条件风险价值(Conditional VaR),一种尾部损失度量。它是统计分布中所有超过风险价值损失的损失结果的加权平均值。
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Conditional VaR, a tail loss measure. The weighted average of all loss outcomes in
the statistical distribution that exceed the VaR loss.
- 循环
- Cyclical
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参见周期性公司。
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See cyclical companies.
- 周期性公司
- Cyclical companies
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销售额和利润会随着商业周期或经济状况而定期扩张和收缩的公司。
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Companies with sales and profits that regularly expand and contract with the business
cycle or state of economy.